Computation of Net Income Per Share
(in thousands except per share)
Three Months Ended Three Months Ended
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Oct. 31, Oct. 31, Oct. 31, Oct. 31,
1994 1994 1994 1994
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Number of Shares
Weighted average outstanding common 7,336 7,406 7,375 5,867
Dilutive common stock equivalents of:
Convertible preferred shares (1) --- --- --- 695
Stock options (treasury stock method) (2) 265 311 394 278
Shares assumed to be outstanding under SEC Staff
Accounting Bulleting Topic 4D (3) --- --- --- 49
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7,601 7,717 7,769 6,889
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Net Income $1,635 $ 562 $3,140 $3,264
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Net Income per share $ 0.22 $ 0.07 $ 0.40 $ 0.47
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(1) Convertible preferred shares automatically converted in connection
with initial public offering in March 1993:
Series A--700; Series B--326; Series C--478; total of all series--1,504.
(2) Effect of assumed excercised all dilutive stock options and assumed
repurchase of shares from proceeds.
(3) SEC Staff Accounting Bulletin Topic 4D, for periods through
January 1993, i.e., up to initial public offering.
Consent of Ernst & Young LLP, Independent Auditors
We also consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-21236) pertaining to the Applied Signal Technology, Inc. Non-Incentive Stock Option Plan of our report dated December 2, 1994, with respect to the financial statements incorporated herein by reference in this Annual Report (Form 10-K) of Applied Signal Technology, Inc.
Palo Alto, California
January 25, 1995
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